Valkyrie Refiles Bitcoin ETF Application Amid Crypto Optimism

Valkyrie has become the latest issuer to resubmit an application for a Bitcoin exchange-traded fund after th Securities and Exchange Commission deemed the initial documents inadequate.

What Happened: The firm, based in Nashville, Tennessee, revealed in its filing that Coinbase Global Inc. (NASDAQ: COIN) would offer market surveillance for its proposed Bitcoin fund.

The SEC had previously expressed concerns over the lack of clarity in earlier filings.

The recently submitted documents reveal that Nasdaq, where Valkyrie plans to list if approved, had "executed a term sheet with Coinbase" on June 30 to "enter into a surveillance-sharing agreement." 

Valkyrie was among the first issuers to introduce a Bitcoin-futures ETF in 2021.

Also Read: Hotbit's Rug Pull Disaster Devastates RichQuack, Baby DogeCoin, Dogelon Mars

This fund, known as the Valkyrie Bitcoin Strategy ETF, trades under the ticker BTF (NASDAQ: BTF).

Why It's Important: Following BlackRock's (NYSE: BLK) filing for a similar ETF in mid-June, numerous other firms have filed or refiled for spot products, buoyed by market optimism that the SEC might change its long-held stance against such a fund.

Indicating a possible shift in its position, the SEC did permit ETFs linked to Bitcoin futures in 2021 and recently approved a leveraged Bitcoin futures fund.

BlackRock's initial filing not only triggered a rush among other issuers to file similar applications but also ignited a broader rally for cryptocurrencies.

Major cryptocurrencies like Bitcoin (CRYPTO: BTC), Ether (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) have rallied 19%, 6%, and 2% over the past month, according to data from CoinGecko.

Read Next: Hong Kong Is Ready To Challenge USDT And USDC With Its Own Stablecoin, Experts Say

Join Benzinga's Future of Crypto in NYC on Nov. 14, 2023 to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!

Photo via Shutterstock.